United States Employment Screening Market Insights Report 2023: A $2+ Billion Industry in 2022 – Forecasts to 2027
DUBLIN, Nov. 15, 2023 /PRNewswire/ — The “The US Employment Screening Market (by Service, & Industry Vertical): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The US employment screening market is expected to reach US$2.01 billion in 2023, growing at a CAGR of 6.44% during the forecast period.
Rising demand for time-efficient selection systems, as a result of an increase in the number of job applicants, as well as secular labour market tailwinds such as increased workforce mobility, remote work, higher employee churn, and a sizable freelance workforce, would impact the demand for the US employment screening market in the coming years.
Segment Covered
Verification segment held maximum share in the market. A Verification process can help certify that the candidate’s listed work experience is valid and adequate, and can also reveal the reasons a candidate left their previous positions is one of the major factors that encouraged verification in the US employment screening industry.
The background screening segment is expected to increase at a significant CAGR over the projected period. Online platforms make it easier for consumers and companies to opt for background screening, bolstering demand for industry services.
IT & Telecom industry accounted for highest share in the US employment screening market, as the candidates applying in IT & telecom industry are bound to display a high discrepancy in their resumes, paved favorable conditions for the growth of IT & Telecom employment screening market.
Driver: Rising Number of Start-ups
The small businesses in the US are doubling their size every year because they’ve been unshackled through either deregulation or lower taxes. These companies are creating majority of the jobs in the US. These start-up companies leverage technology, and encourage the ability to work remotely, directly impact hiring and workflow.
Time and distance from the workplace are no longer barriers to employment, and the traditional work methodologies are going by the wayside. All of this is demanded by the employees and thus pave way for a lot of job applications. Thus, the rising jobs creation due to rising number of start-up businesses would boost the market of employment screening in the US.
Challenge: Discrimination Concerns
Discriminatory practices can occur in any aspect of employment. Employment discrimination happens when an employee or job candidate is treated unfavorably because of age, disability, genetic information, national origin, pregnancy, race or skin color, religion, or sex. It is unlawful for an employer to assume that an employee may be incapable because he or she is disabled.
An increasing number of cities and states in the US, limit employers to enquire into criminal records and convictions. In particular 53.8% of the job applicants faced retaliation discrimination in 2019. Discrimination concerns are associated with the adoption of employment screening services, for instance, if a particular credit history would disqualify an applicant, it must disqualify applicants of all races.
Furthermore, employers are also expected to be careful to circumvent any use of background reports that may result in rejecting or hiring any class of employees based on gender, race, and other protected categories. Thus, employment screening services may discriminate and hinder the market from growing.
Trend: Escalating Importance of Social Media in Employment Screening
Social media screening is a process wherein a reference is made through candidates’ social media profiles to ascertain if they are a perfect match for the open job role. A social media screening tool can uncover pictures of candidates in compromising situations, posts of them being violent or abusive online – all sort of behaviors that they can easily hide during an interview.
Social media is becoming increasingly volatile, especially in the new normal condition wherein work from home culture is supported. People are increasingly using social media platforms to express themselves since the new normal means mostly interaction virtually. All of which, describes a candidate’s personality, preferences, and interests.
Moreover, social media also provides information about the activities of the candidate, for example, participation in rallies, protests or even standing up or against someone or something. Therefore, social media screening has become increasingly important to know the nature of candidate before getting the person onto the job.
The COVID-19 Analysis
The outbreak of Coronavirus disease (COVID-19) had a negative impact on the US employment screening market in 2020 as governments globally imposed lockdowns.
Several people had become unemployed, due to the shutdown of many companies and other companies laid off the employees to cut cost. However, following COVID-19, the industry has seen an increase in 2021, due to the relaxation of lockout limitations and new startups being launched.
Competitive Landscape
The US employment screening market is fragmented with the presence of a large number of players majorly dominating worldwide.
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Company Profiles: Business Overview & Business Strategy
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3M Company
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Abbott Laboratories
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Abbvie Inc.
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AstraZeneca Plc
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Baxter International Inc.
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Becton, Dickinson and Company
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Blackstone (TeamHealth)
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Braun (BBraun Avitum AG)
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Dragerwerk AG & CoKGaA
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General Electric Company
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ICU Medical, Inc.
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KKR & CoInc(Envision Healthcare Corporation)
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SunMed LLC
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Teleflex Incorporated
Market Dynamics
Growth Drivers
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Rising Geriatric Population
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Growing Healthcare Expenditure
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Increase in Monitored Anesthesia Use
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Increase In Number Of Approval For Anesthesia Drugs
Challenges
Market Trends
For more information about this report visit https://www.researchandmarkets.com/r/8i35hy
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